LDM Technologies Announces Second Quarter Earnings

AUBURN HILLS, Mich., May 1 -- LDM Technologies, Inc. reports net sales for its second quarter ended March 30, 2003 (second quarter 2003) were $109.2 million, an increase of $18.9 million, or 20.9%, from the second quarter of FY 2002. The increase in net sales is due to the launch of new products from the Company's facility in Romulus, Michigan in March and August of 2002.

Operating profit was $10.1 million, or 9.2% of net sales, for second quarter 2003, compared to $3.0 million, or 3.4% of net sales, for the same period in 2002. The improvement was due to the launch of new products from the Company's facility in Romulus, Michigan in March and August of 2002.

Interest expense was $4.0 million for the second quarter 2003 compared to $4.3 million for second quarter 2002. The decrease is due to scheduled debt repayments, a decrease in variable borrowing rates and lower average borrowings on the Company's line of credit.

Net income for second quarter 2003 was $2.9 million compared to a net loss of $0.5 million for second quarter 2002. The improvement was due once again to the launch of product from the Company's Romulus facility.

EBITDA for second quarter 2003 was $14.3 million compared to $7.9 million for second quarter 2002. The improvement was, once again, due to the launch of product from the Company's Romulus facility.